This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Monday. I find myself at an impasse trying to decide what to write in this intro. As someone who's committed to their skincare routine, I should write about this story on the latest men's beauty trend. But as a Michigan native, I'd be remiss not to mention GM 's new headquarters in Detroit. Stock futures are down this morning. The stock market is coming off a winning week. Here are five key things investors need to know to start the trading day:
1. The Fed(s)
US President Donald Trump speaks with Federal Reserve chair Jerome Powell (R) as he visits the Federal Reserve in Washington, DC, on July 24, 2025. Andrew Caballero-Reynolds | Afp | Getty Images
Federal Reserve Chair Jerome Powell announced last night that he was under criminal investigation tied to the central bank's building renovations. Powell's statement marks a significant escalation of the conflict between the central bank chief and President Donald Trump over the Fed's stance on interest rates. Here's what to know: In a video statement, Powell said federal prosecutors were reviewing the $2.5 billion renovation to the Fed's Washington, D.C., headquarters and his testimony to Congress.
Powell said that "the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences" of Trump.
When asked about the probe, Trump told NBC News last night: "I don't know anything about it."
The president has repeatedly taken aim at Powell for not slashing rates; he has previously floated firing Powell.
Stock futures fell in overnight trading after Powell's video was published. Gold futures, a safe-haven trade that's viewed as a hedge against the Fed losing its independence, jumped.
Follow live markets updates here.
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025. Eva Marie Uzcategui | Bloomberg | Getty Images
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